August started red for crypto and BTC and honestly I won't say I'm shocked, because I've you've been seeing my post for the past few months, I've been saying one thing: the market will dump slowly until it eventually bottoms in Q4, now whether it bottoms in Q4 or extends to Q1 of 2027.
The idea is that it'll eventually bottom in 6 to 8 months time, and we're people are going to be present with more buying opportunities which they can profit with in 2028. So basically the buying window will open up and people can decide if they want to go in or not.
However, because we expect the market to bottom, it doesn't really make it easier to watch the charts everyday. It's like saying "we're all going to die someday" this doesn't mean everyone actually accepts or comes to term with their "dying date".
Coming to terms with a reality that's almost inevitable, doesn't mean it won't hurt, it just gives you a type of expect which helps you understand that you're going to experience pain like never before.
So basically everyone has started crashing out, and with that BTC dump, we can how it's basically affecting alts as well, and that's where the pain hits harder.
The pain is inevitable, the expectations is that we all know that it's coming, no one actually relishes it, and that's just the reality. At 62k, I'm looking at maybe a possible dump to 55k in 2 to 3 months time.
Of course we're going to see some form of rebound at some point, but it might just be a "one step forward two step backwards type of thing" and that's the pain. We've seen that type of pain about four months ago, and even though we reckon that this dump season may not be as hard as previous cycles (hypothetically), market will still be market.
I heard that a hack happened recently and a lot of people who holds those BTC in some wallet were hacked, and people had their money stolen. Well if you ask me, smart contracts are not safe, and hot wallet is probably the most counterintuitive crypto tech ever.
I know, I understand that the idea of hot wallet is basically to help you keep or hold crypto without needing KYC, but it's the the riskiest place to ever hold crypto, and I feel like the developers should have specifically told people that it isn't meant for holding, and it should only be for interactive purposes and nothing more.
Hot wallets was also how I was hacked too, never gave my keys to anyone, never clicked any site, but somehow, someone got access to it and stole it. It just feels like every tech we've shipped in crypto lately takes people back to the stone ages.
We should be making hacks virtually impossible, but a lot of decentralized Smart contracts solutions are the most risky place to ever hold money. So yes, having a key shouldn't compromise anyone.
People can swipe their cards in multiple ATM machines, and don't get hacked, but like I've said earlier, the current set of crypto builders are the laziest since 2017, and Vitalik's smart contracts have so much loopholes for crime to happen everyday.
This hack means that people gets to lose the little trust that they have in crypto, even if I think this shouldn't be happen at the moment when AI is taking all the attention and leaving no hype at all for crypto.
As I've said before,the market is on course for a slow dump that should happen over the course of 3 to 5 months. No one likes to be here, but I guess it's what it is.
August started with a dump, if I remember correctly, that was how July started too, do you think we're in for a big dump in the next 2 to 3 months?
